綠色BN
2014-05-20

Retail News Roundup – May 20

The top 5 retail news clips in Asia this week.
Newspaper
1 – Bain Study: China’s luxury slowdown to continue in 2014
A continued China slowdown is expected to keep global luxury growth in the single digits for 2014, according to a new study released today by consultancy Bain & Co.

The recent report, presented in partnership with Italian luxury industry association Altagamma, predicts that China’s local luxury market will grow by only 2 to 4 percent this year. This number is similar to Bain’s estimate that China’s luxury market grew by 2.5 percent in 2013, and indicates a very slight rebound possibility. To get an idea of just how dramatically growth has slowed over the past three years, this number is down significantly from 2011’s significantly higher growth rate of 30 percent.
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2 – Mall projects delayed as impasse bites Thai economy
Although local demand is still strong, political problems at the end of 2013 and in the first quarter of 2014 have taken a toll on Thailand’s economy and all businesses including retail, according to property consultant Colliers International Thailand.
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3 – 7-Eleven Philippines sees income drop
Philippine Seven Corp, the local operator of convenience chain 7-Eleven, says first quarter profit declined 12.2 per cent to 100 million pesos ($2.3 million). Retail sales increased 6.6 per cent to 4.4 billion pesos ($100.8 million), however, expenses rose 7.5 per cent, offsetting the income.
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4 – Fast food chains buck Indian trend
Fast food spending in India is soaring. The annual national spend on fast food restaurants in India’s second and third tier cities increased by 108 per cent, thanks to consumers’ need for convenience, increased appetite and insatiable hunger for international food.
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5 – China’s wealthy households to reach 10m by 2030
According to a report by Economist Intelligence Unit, by 2030, the number of Chinese households with an income over USD150,000 is expected to rise to 10.3 million. Furthermore, more than one third of households in China will make over USD50,000 in income by 2030, reports China Daily. Currently, only 1 percent of households exceed USD50,000 in income. 
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 By Chris Hubbard 
   Market Strategy
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